BNB has witnessed a major rally, reaching a new all-time high (ATH) after six months of resistance. This current price movement represents a significant shift for the cryptocurrency, breaking free from an eight-month-long resistance zone spanning $572 to $619.
The altcoin’s breakout has coincided with an increase in market activity, indicating high investor confidence and a prolonged climb. As of today, the momentum is intact, and BNB is expected to continue its upward trajectory.
BNB aims at new highs
The market attitude surrounding BNB has been extremely favorable, as seen by a 16% increase in its price over the previous 24 hours. This rise has resulted in major market liquidations, with $3 million in short positions liquidated.
Many bears were taken off surprise by the gain, as they had expected a retreat, only for BNB to call their assumptions into question. The momentum has also resulted in volatility, impacting even the most bullish traders. In fact, bullish enthusiasm has led in $2.26 million in long liquidations, indicating that the market is now seeing significant price movement. The liquidations reflect a significant shift in market sentiment, with both bears and hyper-bulls caught up in the market’s violent swings.
From a macro viewpoint, BNB’s technical indications show a consistent and increasing trend. The Average Directional Index (ADX) is significantly higher than the 25.0 level, indicating that the current uptrend is gaining momentum. This technical signal strengthens the notion that BNB is not simply enjoying a short-term rally, but is on a path of sustained development. With a solid trend in place, the cryptocurrency is well positioned to continue rising to new highs.
The ongoing rising trend is also aided by increased market participation and investor optimism. As long as the ADX indicator continues above the critical mark, the uptrend should continue in the next weeks. This technical setup allows BNB to sustain its price climb while avoiding large pullbacks, especially in the face of market turmoil.
BNB price prediction: rising further
Last month, BNB’s stock made a significant reversal by breaking past an 8-month-long resistance block between $572 and $619. Despite battling with the $658 resistance in recent weeks, the cryptocurrency has broken through it in the last 24 hours, generating renewed positive momentum. The breakout signals a strong rising trend for BNB.
Following the breakthrough, BNB set a new all-time high and is now aiming for $800 as the next resistance and support level. If this trend continues, a push beyond $800 is feasible, fueled by persistent bullish enthusiasm. This provides a good view for the altcoin’s price trajectory.
However, profit-taking may derail the surge. If investors opt to sell their assets, a correction may occur. Such a decline might drive BNB’s price down to its support level of $721. If the price falls further, the positive view will be discredited. This would indicate a trend towards a more cautious market.
BlackRock Bitcoin ETF approaches $50B milestone, $100K BTC ahead?
BlackRock Bitcoin ETF currently controls more than 500,000 BTC, surpassing MicroStrategy. A Bitcoin price of $100,000 can result in $50 billion AUM.
In less than a year after its introduction, the BlackRock Bitcoin ETF (IBIT) has surpassed new milestones and is approaching $50 billion in assets under management. This makes IBIT one of the top three ETF launches in 2024. As inflows into IBIT continue virtually everyday, market observers are eager for the BTC price to exceed the $100,000 barrier.
BlackRock Bitcoin ETF holds over 500,000 Bitcoins
Last week, the BlackRock Bitcoin ETF (IBIT) reached a significant milestone, reaching 500,000 BTC in holdings. That asset manager reached this milestone in less than a year from the IBIT’s start in January 2024, with $48 billion in assets under management at the current Bitcoin price of $96,000.
This makes IBIT a significant participant in the cryptocurrency industry, accounting for 2.38% of total Bitcoin supply. Given the current rate of adoption, market analysts predict that IBIT will gather almost 1 million BTC in the future years. Additionally, regular BlackRock funds have lately boosted their exposure to IBIT.
iShares Bitcoin ETF (IBIT) now approaching $50bil in assets…
*$50bil* in less than a yr.
If IBIT were BlackRock’s only ETF, they would be a top 15 issuer.
IBIT has blown by iShares Gold ETF (IAU) which launched in *2005*.
IBIT holds > 500,000 btc.
“No demand” they told me.
— Nate Geraci (@NateGeraci) December 4, 2024
Furthermore, with more than half a million Bitcoin holdings, IBIT has eclipsed MicroStrategy, which currently has 402,100 Bitcoins in its treasury.
BTC to $100K soon?
Bitcoin (BTC) is presently priced at 96,444, with a market capitalization of $1.91 trillion. Also, everyday trade volumes have been low in recent weeks as Bitcoin confronts a significant sell-wall above $100K levels. This was mostly due to profit-booking by long-term investors, which increased selling pressure.
However, Glassnode data reveals that daily BTC selling pressure has suddenly dropped significantly. In its most recent report, Glassnode observed that daily realized earnings for Bitcoin delivered to exchanges had declined drastically to $277 million, a 42% reduction from the $481 million peak recorded on November 16. It describes this fall as a sign of lower profit-taking activity, implying that traders are holding their positions in anticipation of the next market move.
Pepe coin whales accumulation signals 7x gains for PEPE looms
Pepe Coin whales have continued to collect the token in large quantities, indicating a rise in market pressure for PEPE price increases of 7x in the near future.
Pepe Coin whales’ consistent acquisition of the frog-themed meme coin during a bull market has sparked an enthusiastic surge among investors worldwide. On Wednesday, on-chain statistics revealed that a whale continued to hoard the meme coin, amassing a total of 337.09 billion PEPE. Simultaneously, with additional statistics showing increased market interest in the commodity, a potential 7x pump is eagerly anticipated by crypto aficionados across the board.
Pepe coin whale accumulaation upbeat, crypto market bullish
Lookonchain data shows that Pepe Coin whales continue to collect the frog-themed meme coin, signaling rising market interest. The wallet address 0x160…b5B purchased 337.09 billion PEPE, worth $6.92 million, from Binance in the last 20 days. This enormous accumulation, in turn, triggered bullish waves for the token, indicating increased purchasing pressure.
Simultaneously, Etherscan data revealed a steady increase in the asset’s holders at the time of reporting. According to the statistics, approximately 334,000 addresses held Pepe Coin, fueling hope in a booming Q4 crypto market.
It’s also worth noting that one of the most popular meme currencies has recently been added to Coinbase Prime custody. This increased offering allows more money to flow into the token, attracting a wider spectrum of investors. Simultaneously, the frog-themed meme cryptocurrency’s continuous bull run shows market optimism in the aftermath of increased buying and expanded offers.
PEPE price to surge 7x?
At the time of publication, the PEPE price was up about 0.5% to $0.00002065. The intraday low and high were $0.00001908, and $0.00002104, respectively. Furthermore, the weekly and monthly charts for the currency showed increases of 12% and 154%, respectively. Overall, the upward trajectory, followed by greater buying, has boosted investors’ confidence in the meme token’s future growth.
Intriguingly, the recent PEPE price study predicted that the meme currency may surge 7x further, exponentially expanding profits. This positive analysis is further supported by escalating Pepe Coin whale accumulations, which have been claimed to total more over 10 trillion tokens.
Overall, the statistics shown above offer a highly positive picture for the frog-themed meme currency, implying that more increases are probable given the rising market interest. Market observers continue to keep an eye on the currency, mostly expressing optimistic expectations for future moves.
